Hormel Foods Corp is in late-stage talks to acquire Applegate Farms LLC, a privately held producer of organic hot dogs, bacon and sausages, to enhance its branded protein offerings, according to people familiar with the matter. A deal for Applegate Farms could be announced as early as next week and value the Bridgewater, New Jersey-based company at between $600 million and $1 billion, the people said, asking not to be named because the matter is confidential.A representative for Applegate Farms could not be reached for comment. Hormel declined to comment.Private equity firm Swander Pace invested an undisclosed amount in Applegate Farms in 2009. The company was founded in 1987 by current CEO Stephen McDonnell.A sale of Applegate Farms would come amid a slew of merger activity for meat companies.
Hormel Foods Corporation is primarily engaged in the production of a variety of meat and food products and the marketing of those products throughout the United States and internationally. Shares of HRL traded higher by 0.45% or $0.24/share to $54.17. In the past year, the shares have traded as low as $43.95 and as high as $55.40. On average, 857618 shares of HRL exchange hands on a given day and today's volume is recorded at 849591.
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